Photo: Getty Images/Kwanchai Lerttanapunyaporn
This morning, British digital company Unmind scored $47 million in Series B funding for its workplace mental health platform. EQT led the round, with participation from Sapphire Ventures, Project A, Felix Capital and True.
WHAT IT DOES
The startup is focused on supporting employees experiencing signs of mental illness. The tool provides mental health assessments to help employees track their mental health over a period of time. Users can tap into self-guided tools that include a focus on sleep, nurturing relationships, reducing stress and managing anxiety.
People experiencing signs of mental illness can do "in-the-moment" exercises including meditation and cognitive behavioral therapy exercises.
Employees are able to look at their mental health over time. Meanwhile, workplace leadership is able to look at aggregated and anonymous data.
WHAT IT'S FOR
The company is looking to use this Series B money to expand and build out its team.
“Unmind was built on the belief that everyone has the right to a healthy mind. Thanks to the support from our investors, this round of funding gives us the opportunity to scale our team while further developing the product with clinically-backed insights and research," Dr. Nick Taylor, a clinical psychologist and cofounder and CEO of Unmind, said in a statement.
"In turn, this will help us to meet growing global demand from employers looking to drive positive cultural change around mental health in the workplace. At Unmind, we see the future of mental healthcare rooted in prevention. After all, we all have mental health, all of the time, and just like physical health or dental health there's a range of ways we can proactively nurture and improve it.”
THE LARGER TREND
Digital mental health is a hot spot for investing. Rock Health reports that in 2020 alone, digital behavioral health companies raked in $2.4 billion in funding.
Unmind isn't the only company looking at the niche of employer mental health. In February, mental health and wellness platform Modern Health closed a $74 million Series D round to meet employer demands for behavioral health benefits.
Ginger, an on-demand behavioral health platform, inked a deal with Cigna, allowing Cigna’s employer-sponsored or individual and family insurance plan members to access its behavioral health coaching, therapy and psychiatry services as an in-network benefit.
The British royal family is even interested in the space. In 2018, Prince William, Duke of Cambridge, launched Mental Health at Work, a tool aimed to help link employers and employees to information and resources about mental health.
The platform is supported by the Royal Foundation, a charity run by the junior members of the royal family that focuses on mental health, veterans, young people and wildlife issues.